Ireland firm eyes 170 MW wind power

Ireland-based Mainstream Renewable Power is developing at least 170 megawatts (MW) of wind power projects in the country as it sees a huge potential for renewable energy development.

Eddie O’Connor, executive chairman of Mainstream Renewable Power, said the Philippines has the potential to develop 78,000 MW of wind power and 65,000 MW of solar power based on the company’s survey of the country.

This potential has an upside after the government institutionalized higher excise tax on coal and diesel – both of which are still dominant power sources of the country, O’Connor said.

The country also has a growing population, translating to growing demand for electricity since installed capacity is just around 20 gigawatts (GW) – illustrating significant scope for growth of electricity generation.

Moreover, the cost of renewables have been falling and the rate can be comparable to fossil-fuel fired power plants. “We now have the capability in the world without producing CO2,” O’Connor said.

Out of this potential, the company is targeting to harness around 2,000 MW of wind power in five to six years, he said.

Mainstream Energy will initially be developing 170 MW of wind farms in partnership with Filipino companies.

The company has partnered with Cornerstone Group to put up a 70MW wind farm in Camarines Sur and another 50-MW wind project in Subic, Zambales. It has also teamed up with Pan Energy Corp. to build another 50-MW wind farm.

O’Connor said all of the projects are currently under development and once completed, the assets would be sold to fund managers, insurance companies and power utilities.

The Philippines currently has 427 MW of wind and 843 MW of solar PV installed and it is far from the level Western countries have in terms of renewable energy development.

“Compared with Ireland, Denmark, Germany and Spain and the US, you are very very low,” O’Connor said.

In the Southeast Asian region, the Philippines is ahead but will fall behind if renewable developments will not be ramped up, he said.

“Compared with Vietnam you’re currently ahead but Vietnam has big plans,“O’Connor said.

In order to support a growing economy, O’Connor said the Philippines needs to put up more power plants, particularly wind and solar since these are indigenous power sources.

“To support a 6.5 percent annual GDP growth, you need 13 percent annual growth in electricity supply,” he said, noting this would mean 5,000 MW of new wind and solar plants each year.